UK commits to net zero emissions by 205013 June 2019
The Government has announced it is amending the Climate Change Act and introducing a legally binding net zero emissions target for 2050. This upgrades the current target of delivering an 80% cut in emissions.
The move follows the publication of the Committee on Climate Change’s (CCC) ‘Net Zero’ report, which recommended a new net-zero greenhouse gas emissions by 2050 target for the UK in order to meet our Paris Agreement targets.
We think that enshrining net zero carbon emissions into law is an important and positive step in tackling the climate crisis but we’re concerned 2050 will be too late. We believe the timetable must be accelerated if we are to keep global heating below 1.5 degrees and reduce the risk of catastrophic human and ecological impacts such as mass extinctions. Our view is mirrored by many climate campaigners. Extinction Rebellion, for example, say that the 2050 target is not an emergency response and have called for the target to be brought forward to 2025.
Achieving these long-term targets requires evidence of meaningful policies and actions. Measures such as retrofitting our aging housing stock and supporting green finance also need to be essential elements of the Government’s planning.
Ecology has been pioneering sustainable finance in the UK for nearly 40 years, and our ecological lending, funded by our members’ savings, is helping to reduce emissions from buildings and homes. We have long recognised that the financial sector must enable the transition to a low-carbon economy, benefiting people and planet.
For more information about Ecology’s range of ethical savings accounts please visit ecology.co.uk/savings.
For more information about Ecology’s sustainable mortgages please visit ecology.co.uk/mortgages.